Fedders gets court OK of sale of Addison subsidiary

By Rebecca Melvin

New York, Feb. 7 - Fedders Corp. obtained court approval of the sale of substantially all of the assets of its Fedders Addison Co. Inc. subsidiary to Roberts-Gordon LLC and an affiliate for $14.4 million, according to a Thursday filing of the U.S. Bankruptcy Court for the District of Delaware.

Roberts-Gordon, through its newly formed affiliate RG Adding LLC, was the stalking horse bidder. RG Adding has also agreed to assume some of Fedders Addison's liabilities.

Addison will pay Great American Leasing Corp. $1,300 to satisfy the additional amounts sought by Great American in its limited objection to the motion above the cure amount listed in the agreement.

Fedders, a Liberty Corner, N.J., producer and marketer of air treatment products, filed for bankruptcy on Aug. 21. Its Chapter 11 case number is 07-11176.

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